Property briefs

Sydney apartment developer, Crown Group, has finalised the purchase of a site at 211-223 Pacific Highway, at a price of $26 milion. The group is planning a 19-level apartment tower, with around 230 apartments, and to be known as Sky by Crown. If North Sydney City Council approves the plan, work could start in mid-2013. Chief executive, Iwan Sunito, said his group had $2.5 billion worth of projects in the pipeline. Robert Harley

A 2599 square metre residential site, in the Melbourne suburb of Brighton, has sold for $6.5 million. Developers Launch Corporation bought Warleigh Grove from a private vendor who had owned the site for more than 40 years. CBRE’s Alex Zent and Justin Clarkson negotiated the sale. Rebecca Thistleton

The former directors of the collapsed Prime property trust, including its founder Bill Lewski, former federal health minister
Michael Wooldridge
and Places Victoria chairman Peter Clarke, have lost their bid to stay a compensation case, brought against them in the Victorian Supreme Court. The former directors are also facing litigation from the corporate regulator in the Federal Court. Nick Lenaghan

Sulentic is boss of CBRE

Robert Sulentic has formally taken over as president and chief executive of the world’s largest commercial real estate group, CBRE. Mr Sulentic joined the group in 2006 when it acquired the Trammell Crow Company of which he was chief executive. He has since been chief financial officer and group president in charge of EMEA, Asia Pacific and the development services business. Robert Harley

Michael Davoren, a former president of the Real Estate Institute of Australia, has acquired, along with two partners, the Australian and New Zealand regional master franchise for the global real estate group, RE/MAX. The group entered Australia in 1996 and has 61 offices.Robert Harley